OMC Markets is a trading platform based in Sofia, they aim to build trust and relationships with their clients and partners, continuously develop and improve their software and organizational processes, and to constantly strive to improve. In this review, we will be looking into the services being offered to see if they achieve this and so you can decide if they are the right broker for you.
Account Types
There are 6 different accounts on offer, each with slightly different features, however, the features offered are not related to trading conditions, however, let us see what they are.
Basic Account: A minimum deposit of $250, a 30% welcome bonus, 24/7 support, access to the education center, daily market review, PRO webinars and, price alerts.
Bronze Account: A minimum deposit of $10,000, a 40% welcome bonus, 24/7 support, access to the education center, daily market review, PRO webinars, price alerts and, access to a junior account manager.
Silver Account: A minimum deposit of $25,000, a 60% welcome bonus, 24/7 support, access to the education center, daily market review, PRO webinars, price alerts and, access to a senior account manager.
Gold Account: A minimum deposit if $50,000, an 80% welcome bonus, 24/7 support, access to the education center, daily market review, PRO webinars, price alerts, access to a VIP account manager and a personalized trading strategy.
Platinum Account: A minimum deposit of $100,000, a 100% welcome bonus, 24/7 support Education center Daily market review PRO webinars Price alerts, access to a VIP account manager and a personalized trading strategy.
VIP Account: This account is for exclusive clients only, in order to access it you will need to contact your account manager.
Platforms
OMC Markets use their own trading platform, they do not provide much information about it, what we do know is that it is an online WebTrader, apart from that we do not know much about it.
Leverage
Available leverage is not mentioned on the site so unfortunately, we cannot comment on this section of the review.
Trade Sizes
We do not know what the minimum trade size it, but we do know that the maximum trade size is between 250 currency and 1,500 currency depending on the method used and instrument traded.
Trading Costs
It is unknown what the trading costs are as they are not mentioned on the site, and without a demo, account to test the software we can not find out that way either.
Assets
There isn’t a full breakdown of assets, instead, the asset overview page simply states that there are over 1,000 different financial assets available to trade. This includes forex currency pairs, indices, commodities, and stocks. We would give some examples but there isn’t much mentioned on the site, it seems like there was meant to be a full breakdown of assets but the page is not loading correctly due to an error in the coding of the page.
Spreads
As we do not have the information around the assets, we unfortunately also do not have the information about spreads, we suspect they were meant o load with the assets but due to the error, they are also not loading.
Minimum Deposit
The minimum deposit available is 250 EUR, USD or GBP. This is the minimum for all deposits including account opening and top-ups.
Deposit Methods & Costs
OMC Markets only has two methods for depositing,m these are Bank Wire Transfer and Credit / Debit Card. There isn’t any mention of any fees so it is unknown if this is present for deposits, be sure to check with your own bank or card issuer to see if they add any fees of their own.
It is strange as at the bottom of the page there is a lot of images of various finance processors, but no mention of them elsewhere on the site, so we are not sure if they are usable or not.
Withdrawal Methods & Costs
The same two methods are available for withdrawal, these are Bank Wire Transfer and Credit / Debit Card. There are no added fees for withdrawing with OMC Markets, however, be sure to check with your own bank or card issuer to see if they add any fees of their own.
Withdrawal Processing & Wait Time
OMC Markets will process withdrawal requests within 2 working days, the amount of time it takes for you to receive your funds will depend on the method used. Credit card withdrawals can take between 5 – 10 working days. Bank Wire Transfers can take between 5 to 9 working days.
Bonuses & Promotions
There is a deposit bonus available with all account types, the amount you get varies depending on the account and deposit amount. You can receive up to 100% deposit bonus, in order to convert the bonus funds into real funds you must trade a certain volume, you receive Volume x 0.0025 as points each time you trade, you must make 12.5% of the bonus funds in points in order to convert them into withdrawable funds, an example: When a bonus of €100 is granted 12.5 points must be collected hence a trading volume of €5000 must be reached before any withdrawals from your account can be made. The calculation is as follows: €5000 X 0.0025 = 12.5 Points. This is extremely expensive and difficult to achieve.
Educational & Trading Tools
The education center is full of information, the first section is around videos, which unfortunately is empty and there are no videos there at this point in time. The Ebook section has a number of different books covering various subjects such as How Bitcoin Works, Mining and other crypto-related things. The news section has recent news events, it looks like it is taken from another site but we cannot be sure. Next up are some charts where you can see up to daye forex charts and finally there is a list of current currency prices.
Customer Service
The contact us page offers a number of different ways to get in touch, you can use the online submission for to fill in your query and then get a reply via email, you can also use a number of different telephone number,s but we do not know what the difference between the three numbers are. There are also 4 different email addresses for Support, Compliance, Compliance Main, and Information. The support department is open Money to Friday 8:00 GMT to 2:00 GMT.
Demo Account
There doesn’t seem to be a demo account on offer, or at least we could not find any information about one. This is a shame as demo accounts allow potential new clients to test out the trading conditions and servers while it allows current clients to test out new strategies without risking any of their capital. This is an area that should be invested in and demo accounts should be made available.
Countries Accepted
The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.
Conclusion
There is a lot of information not available to us which is a little concerning, there are also some discrepancies in the information provided, such as the case with the deposit and withdrawal methods, with there being multiple processors shown at the bottom of the site, but only 2 mentioned anywhere in the information provided. Trading costs are also not available, but that may be due to the way the OMC Markets platform works if you are looking for a more traditional trading experience you may need to look elsewhere.
